A cyber breach can have potentially devastating effects on a company. It can erode public trust, cause millions of dollars in losses, and even lead to fines and lawsuits. In order to help organizations improve cybersecurity, the National Institute of Standards and Technology (NIST) released its Cybersecurity Framework (CSF), which provides several guidelines related to [...]
CRI Partner Keith Hundley is joining the Southeast Association of Community Action Agencies for his sixth year as a speaker at their Annual Conference. During the 3-day conference, he will present two sessions. The first will be Back to Basics: Fund and Accrual Accounting followed by Procurement Issues and the Uniform Guidance. The Southeastern Association of Community Action [...]
CRI Partner Keith Hundley is presenting at the Oklahoma Community Action 2019 Annual Conference at the Westin in Oklahoma City, OK, on September 18, 2019. Community Action Agencies are managed by local, volunteer boards of directors. A Community Action Board of Directors must include low-income residents as well as private and public sector representatives. Community Action [...]
The enactment of the Tax Cuts and Jobs Act (TCJA) in December of 2017 led to one of the more chaotic tax filing seasons in recent memory. The new law included several provisions that affected bonus depreciation treatment and calculations, and some taxpayers may have filed their returns without fully considering the different options that [...]
Released: July 1, 2019 Effective for audits of years ending June 30, 2019, and later The entire compliance supplement is available to the public here. The general format and sections of the Compliance Supplement remain consistent with prior years, but there are important changes that will affect upcoming Single Audits. Auditees expending federal funds [...]
The CMS “wage index” remains a vital (and controversial) component of how hospitals receive payment for services to Medicare beneficiaries. CMS recognizes that labor costs vary from one area to the next. So, as a part of the methodology for determining IPPS (inpatient prospective payment) reimbursement, standardized amounts are adjusted for area differences in facilities’ [...]
The IRS has changed how it will approach auditing partnerships by moving to a centralized partnership audit regime. The goal of the program is to allow the IRS to audit partnerships at the entity level and require the partnership entity to pay any amount due. The partnership can then elect to “push out” any resulting [...]
The Tax Cuts and Jobs Act changed the income tax calculation for most taxpayers. The law changed rates for taxes and tax brackets, revised business expense deductions, increased the standard deduction, removed personal exemptions, increased the child tax credit, and limited or discontinued other deductions. If You’re an Employee Who Gets a W-2 For most [...]
The Treasury Department and the IRS recently released several pieces of guidance related to the global intangible low-taxed income (GILTI) provisions and the deduction for dividends received from foreign corporations that were enacted as part of the Tax Cuts and Jobs Act of 2017 (TCJA). The GILTI provisions require income to be reported in the [...]
CRI Merges Laurel Based Firm, Wm. F. Horne & Company, PLLC ENTERPRISE, Ala., July 24, 2019 - Top 20 nationally ranked CPA and advisory firm Carr, Riggs & Ingram, LLC (CRI) has increased its investment in the state of Mississippi, expanding its locations to serve clients there through the merger of WM. F. Horne & Company, [...]
Depreciation is a major source of tax deductions for most businesses. Depreciation methods used for internal management purposes are often times different than those methods used for tax purposes. It’s worth analyzing your processes in this area every year to make sure you are fully using the incentives provided in the Tax Code. A depreciation [...]
Most businesses rely on vehicles to get materials, people, and products where they need to be to meet customer needs. The cost of operating those vehicles can be deducted from taxable income. Businesses can generally use one of two methods to figure out their deductible vehicle expenses: Standard mileage Actual expenses Standard Mileage Calculating the [...]
The IRS has released proposed regulations (REG-118425-18) to help cooperatives and their patrons calculate the deduction for qualified business income (QBI). The proposed regulations also provide guidance for agricultural or horticultural cooperatives and their patrons regarding the deduction for domestic production activities. A related proposed revenue procedure (Notice 2019-27) details methods for agricultural or horticultural [...]
In early May, the American Institute of CPAs (AICPA) Auditing Standards Board (ASB) released a new Statement on Auditing Standards (SAS). The new SAS, which is entitled Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, aims to raise the quality of audits in a number of areas, including risk [...]
Natural disasters can have financial implications for business owners over months, years, and even decades. Companies are expected to follow regulatory guidelines in all circumstances, including — and especially — in the aftermath of a natural disaster. Although the expectations are plainly written into the guidance, many companies are unfamiliar with the key points. Four [...]
Natural disasters are costly to just about every taxpayer, but individuals are often hit the hardest. Many are faced with the costs of repairing or replacing personal assets, and some even lose their jobs. When infrastructure fails, businesses close and temporarily (or permanently) lay off their workers, and individuals struggle to make ends meet. While [...]
CRI Partner Scott Bailey is speaking at the 2019 NCCIA Conference on August 22, 2019. The presentation will cover what makes a great captive board of directors and will be followed by a panel of government experts answering key questions about how to build the ideal board of directors.
Investors and developers have many questions about the opportunity zone program created by the Tax Cuts and Jobs Act of 2017. The following example gives some specifics about how these investments will be structured. Client An investor or developer has a qualifying gain of $1 million from the sale of a capital asset. She chooses [...]
New Company Focuses on Offering Customized Retirement Plan Administration for Small Businesses to Large Enterprises ENTERPRISE, Ala., July 1, 2019 - Carr, Riggs & Ingram (CRI) recently added CRI TPA Services, LLC to their family of companies, a new portfolio company that will offer clients tailored retirement plan solutions for their expanding business needs. CRI TPA Services, [...]
When the new lease accounting standard was released a few years ago, business leaders braced themselves to see their financial statements change. Such a drastic shift in accounting precedent required them to overhaul their policies and procedures surrounding leases. But savvy business leaders are also asking: “How will the standard affect our tax situation?” It [...]
